les & FR 点击下载中国基金报客户端 来源： CCTV国际时讯 "星链"卫星曾两次危险抵近中国空间站 当地时间12月29日，中国代表在低地球轨道卫星问题安理会阿里亚模式会议上发言时 表示，个别国家的商业卫星星座肆意扩张，缺乏有效监管，带来显著安全挑战。以 "星链"为例，"星链"在轨卫星超1万颗，曾两次迫近中国空间站致紧急避碰，近期一颗 解体产生100多枚碎片，严重威胁缺乏控轨能力的发展中国家航天器。此外，一些低轨 卫星星座无视相关国家法律规定，在他国上空和边界私自开通信号服务，成为干预他 国内政的工具。在非洲萨赫勒、南亚及东南亚地区，"星链"被暴恐分子、分离势力以 及电诈集团大量使用，带来监管和执法难题。 中国代表呼吁相关国家切实遵守《外空条约》义务，对本国商业航天活动加强监管。 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND C ...

【导读】1499买飞天茅台，每人每天限购12瓶 中国基金报记者 泰勒 大家好，茅台放大招了！ 2026年的第一天，上午 9时起，每人每日可在i茅台购买12瓶飞天茅台酒！ 12月31日晚间，据"贵州茅台"官方消息， 2026年1月1日起，i茅台APP焕新改版，将原有的"享约·申购"与"畅享·云购"整合升级为统一 的"i购"入口。在"i购"页面，用户可直接购买所有i茅台APP的在售商品。 1月1日上午9时，飞天53%vol 500ml贵州茅台酒（2026）将正式发售，每位用户目前每日最多可购买12瓶。每日投放量会综合考虑防止 炒作、供需适配和市场稳定确定，当日售完即止。之后，每日上午9时准点开售。 其中上架的产品包括， 贵州茅台酒经典系列： 飞天53%vol 500ml贵州茅台酒（2026） 飞天53%vol 500ml贵州茅台酒（2024） 飞天53%vol 500ml贵州茅台酒（2023） 飞天53%vol 500ml贵州茅台酒（2022） 飞天53%vol 500ml贵州茅台酒（2021） 飞天53%vol 500ml贵州茅台酒（2020） 飞天53%vol 500ml贵州茅台酒（2019） 飞天53%vo ...

Group 1 - Blue Arrow Aerospace has changed its IPO review status to "accepted" on the Sci-Tech Innovation Board, aiming to become the "first commercial aerospace stock" in China [2][4][7] - The company is currently in a loss-making state and plans to raise 7.5 billion yuan through its IPO [5] - The Sci-Tech Innovation Board has expanded the applicability of its fifth set of standards to support companies in cutting-edge technology fields, including commercial aerospace [5] Group 2 - Established in 2015, Blue Arrow Aerospace is one of the leading private aerospace companies in China, focusing on the research and operation of medium to large launch vehicles using liquid oxygen and methane propellants [8] - The company has developed the Zhuque-2 series, which is the first liquid-fueled rocket in China's private commercial aerospace sector to enter mass production and commercial use [8] - The funds raised from the IPO will be used entirely for projects aimed at enhancing the production capacity and technology of reusable rockets [8]

Core Viewpoint - The article highlights the remarkable performance of the Yongying Technology Smart Selection Fund, managed by Ren Jie, which achieved a unit net value growth rate of 233.29%, making it the top-performing fund in the market for 2025 and setting a new record for annual returns in public funds [2][4]. Fund Performance and Structure - The Yongying Technology Smart Selection Fund was established on October 30, 2024, and had a scale of 11.521 billion yuan by the end of Q3 2025, with 91.59% of its total assets invested in stocks [4]. - The fund's top ten holdings are concentrated in the global cloud computing industry, covering key areas such as optical communication and PCB, indicating a clear investment style with high industry concentration [4]. Investment Philosophy - Ren Jie emphasizes that the foundation of the current market rally is more solid than in the past, driven by internal changes in the Chinese economy, with new productive forces becoming a new engine for economic growth [5][12]. - The core of investment lies in capturing "changes," which are reflected in performance and valuation changes, with a focus on long-term industry and company evolution rather than short-term market emotions [9][10]. Research and Strategy - Ren Jie's investment approach is characterized by deep research and a focus on industry trends rather than traditional sector classifications, allowing for a better understanding of cross-industry opportunities [8][9]. - The investment strategy includes dynamic adjustments based on market conditions, valuation levels, and industry signals, aiming to participate fully in uptrends while effectively managing drawdowns during corrections [9][10]. Future Outlook - The global cloud computing industry is expected to remain a key area of focus, with AI models seeing increased value and potential adjustments in business models, indicating a robust growth trajectory [13][14]. - The domestic computing power industry is anticipated to develop significantly by 2026, with a focus on the alignment of models and computing architectures, creating more opportunities within the industry chain [14]. Investment Recommendations - Investors are advised to prioritize risk control before making investment decisions, as 90% of risk management occurs prior to investment actions [17]. - A diversified investment approach is recommended to mitigate risks associated with high-volatility products, and investors should avoid attempting to predict short-term market fluctuations [17].

【导读】证监会发布《关于推动不动产投资信托基金（ REITs ）市场高质量发展有关工作的 通知》 中国基金报记者 若晖 新年的钟声即将敲响，在 2025 年迎来大发展的公募 REITs 市场又迎来利好政策出炉。 12 月 31 日，证监会发布《关于推动不动产投资信托基金（ REITs ）市场高质量发展有关 工作的通知》（以下简称《通知》），同时出台《中国证监会关于推出商业不动产投资信托 基金试点的公告》。沪深交易所同步修订发布公募 REITs 业务规则，护航 REITs 市场高质量 发展。 业内对于《通知》中提到的 " 支持运营稳健、治理有效、信息披露质量较高的上市 REITs 通 过购入资产、扩募、合并等方式做优做强 " ，以及 " 支持符合条件的公募基金将 REITs 纳 入投资范围，研究探索跟踪 REITs 指数的交易型开放式指数基金（ REITs ETF ）等创新产 品 " 两个提法非常关注，有望打开明年 REITs 市场新的发展空间。 推动商业不动产 REITs 平稳健康发展 证监会在《通知》中指出，要深刻认识发展商业不动产 REITs 的重要意义。推动商业不动产 REITs 市场发展是资本市场落实 ...

【导读】中国银行浙江省分行党委书记、行长程军接受纪律审查和监察调查 中国基金报记者 忆山 12 月 31 日，中央纪委国家监委网站发布消息称，据中央纪委国家监委驻中国银行纪检监察 组、天津市纪委监委消息：中国银行浙江省分行党委书记、行长程军涉嫌严重违纪违法，目 前正接受中央纪委国家监委驻中国银行纪检监察组纪律审查和天津市监察委员会监察调查。 近期，程军还曾在相关活动中公开亮相。 12 月 18 日，中国民营经济国际合作商会发布消息 称，当日下午，中国银行浙江省分行行长程军等人在该商会常务会长单位桐昆调研。另有媒 体报道称， 12 月 23 日，程军等人在杭钢集团开展工作交流。 编辑：江右 校对：乔伊 制作：舰长 审核：陈思扬 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。 授权转载合作联系人：于先生（电话：0755-82468670） 公开资料显示，程军，中共党员，高级经济师，拥有中国人民大学与英国曼彻斯特大学经济 学双硕士学位，英国皇家特许银行学会会士。 程军在中国银行系统任职多年，曾任中国银行总行国际结算部总经理，中国银行总行贸易金 融部总经理，中国银行 ...

Core Viewpoint - The article discusses the significant losses incurred by Shengyuan Environmental Protection due to its investment in a private equity product, which resulted in an 81% loss, leading to scrutiny of the company and its executives [2][4]. Group 1: Incident Overview - Shengyuan Environmental Protection invested 60 million yuan in a private equity product managed by Shenzhen Shenboxin Investment Management Co., which has seen a drastic decline in value [8]. - The latest unit net value of the fund was reported at 0.1846, reflecting a cumulative net value growth rate of -81.54%, resulting in a loss of approximately 46.92 million yuan, exceeding 10% of the company's most recent audited net profit [8]. Group 2: Responses from Stakeholders - The company stated that it had verified the situation by obtaining complete asset valuation reports and transaction details from the fund manager and custodian, revealing violations such as unauthorized trading and falsification of net value information [4]. - The custodian, China Merchants Securities, claimed it had fulfilled its responsibilities according to regulations and contracts, including account opening, clearing, valuation review, and investment supervision [4][5]. Group 3: Disclosure and Accountability - The responsibility for disclosing net value information lies with the fund manager, and the custodian was unaware of the authenticity of the net value reports received by investors until contacted [5][6]. - The custodian emphasized that it could not monitor commitments made between the fund manager and investors outside the fund contract [6].

【导读】证监会正式发布《公开募集证券投资基金销售费用管理规定》 中国基金报公募基金报道组 《规定》着重解决过往基金行业中存在的认申购费率水平相对偏高、赎回费收取机制设计复 杂、销售服务费缺乏有效规制等突出问题，共有 6 章 29 条，主要包括以下方面： 一是合理调降公募基金认申购费、销售服务费率水平。将主动偏股型基金、其他类型的混合 型基金、指数型基金和债券型基金的认申购费率上限分别调降至 0.8% 、 0.5% 、 0.3% 、 0.3% 。 二是简化赎回费收费安排，明确赎回费全部计入基金财产。 《规定》明确，将现行四档赎回费率安排简化成三档，并要求全部计入基金财产；同时，将 持有期超过 7 日（含）但少于 30 日的赎回费的收取标准由现行 0.75% 提高至 1% ，提高 资金短期交易成本，遏制 " 帮忙资金 " 现象。 三是明确对投资者持有期限超过一年的基金份额（货币市场基金除外），不再收取销售服务 费，鼓励长期持有。 公募基金行业费率改革，今日迎来里程碑式收官！ 2025 年 12 月 31 日，《公开募集证券投资基金销售费用管理规定》（以下简称《规定》） 重磅修订并正式发布，自 2026 年 1 月 ...

Core Viewpoint - Tsinghua Design is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [2][4]. Group 1: Investigation Details - On December 31, Tsinghua Design announced that it received a notice from the CSRC regarding the investigation due to suspected information disclosure violations [4]. - The company stated that all its business activities are currently operating normally and it will cooperate with the CSRC during the investigation [6]. Group 2: Accounting Errors and Corrections - Tsinghua Design has been subject to a quality inspection of its accounting information by the Ministry of Finance, which led to the discovery of accounting errors related to the understanding of accounting principles [8]. - The company identified issues involving fund occupation by a former director of its subsidiary, which contributed to the accounting discrepancies [8]. - Corrections have been made to previous accounting errors, and adjustments have been applied to the consolidated and parent company financial statements from 2020 to 2024 [8][9]. Group 3: Financial Impact - The adjustments resulted in significant changes to financial figures, including a reduction in asset impairment losses from approximately -603 million to about -259 million, and a change in net profit from approximately -438 million to about -94 million [10]. - Tsinghua Design confirmed that these corrections will not alter the profit or loss nature of previously disclosed annual financial statements [9]. Group 4: Company Overview - Tsinghua Design focuses on urban renewal, new urbanization construction, green buildings, and zero-carbon parks, providing integrated solutions around green building design and construction [10]. - As of December 31, the company's stock price was 13.85 CNY per share, with a total market capitalization of 2.41 billion CNY [11].

【导读】证监会就《上市公司董事会秘书监管规则（征求意见稿）》向社会公开征求意见 中国基金报记者 张舟 12 月 31 日，中国证监会就《上市公司董事会秘书监管规则（征求意见稿）》（以下简称 《规则》）向社会公开征求意见。意见反馈截止时间为 2026 年 1 月 30 日。 这是首部专门针对上市公司董秘群体的监管规则，通过进一步明确董秘职责范围、健全履职 保障、完善任职管理、强化责任追究，更好地规范上市公司董事会秘书履职行为，推动董秘 群体归位尽责，提升上市公司治理水平。 强化董秘履职效能 从起草背景看，根据《公司法》的规定，上市公司应设董事会秘书，董事会秘书是上市公司 的高级管理人员。实践中，董事会秘书在维护信息披露制度严肃性、促进上市公司内外部有 效沟通、提高上市公司规范运作水平等方面发挥了积极作用。 但是，董事会秘书也存在职责范围不清晰、履职能力不足、履职保障不充分等问题，影响履 职效果。为进一步提升董事会秘书履职水平，切实发挥董事会秘书制度对推动提高上市公司 质量的重要作用，中国证监会在总结实践的基础上，起草形成专门的监管规则。 3. 完善任职管理。提升董事会秘书任职的专业素养及合规要求，禁止可能有职责 ...